Investors are eagerly anticipating a decision from the Securities and Exchange Commission on a spot bitcoin ETF. Bitcoin (BTC-USD) prices have jumped over the last several weeks as traders bet the ETFs will be approved.
eToro Global Markets Strategist Ben Laidler joins Yahoo Finance Live to weigh in on how the crypto sector could fare this year.
Laidler states that despite being the smallest and youngest asset class, “it’s been the best-performing asset class.” Laidler notes there are a “long list of catalysts” for crypto, including bank regulation changes and expected easing of corporate ownership as indications of growth to come in the crypto space.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor’s note: This article was written by Eyek Ntekim.
Video Transcript
– I want to ask a little bit about what we’ve seen over in crypto world. And certainly a lot of hype around expect– expectations, I should say, that we’re going to get the SEC approval of Bitcoin ETFs next week. That maybe is called the fundamental case. But just looking at sentiment for both what we have seen so far from crypto over the last six months and what in your view at this point in time crypto markets represent for investor sentiment, I’m curious how you think about that trade in the context of all we’ve discussed with the equity markets.
BEN LAIDLER: The crypto is interesting. So this is the smallest asset class. It’s the youngest asset class. It was up 150% last year. So it’s been the best performing asset class admittedly of a terrible time of the year before. And I think what’s interesting when you look forward is just the long list of catalysts. I mean, we obsess a lot about the potential spot Bitcoin ETF. We’ll see whether we get it next week. We’ve certainly– you know, markets are certainly pretty positive looking at that. But that’s really just the beginning of, I think, what is potentially coming in 2024.
I mean, with the Bitcoin halving. We have a lot of institutionalization changes. You know, counting changes that make it easier for companies to own crypto. Bank regulatory changes to make it easier for banks to hold crypto. I wouldn’t be surprised at some point if we see a central bank take the plunge and announce that it holds– it holds crypto. So again, in the context of a small, young asset class, I think any one of these catalysts is potentially meaningful.
